Oil Slick Stuff

Sort by newest Sort by date
Oil Is Fast Approaching $70. Is The Economy Ready for It?

Prices are seen in a range that could benefit the U.S. economy by bolstering the recovering energy industry without curtailing demand

 By Stephanie Yang and
Alison Sider

Updated April 22, 2018 7:35 a.m. ET

Oil prices are headed toward $70 a barrel, a weight on the U.S. economy that is bearable for now but could pose trouble if prices keep climbing.
The last time U.S. oil prices were at $70, in 2014, they were in the middle of a steep collapse. Many investors believed then that prices would soon stabilize, or even recover. Instead, they continued to plunge, eventually hitting a bottom in 2016 at $26. That tumble caused acute pain for oil producers, whose troubles rippled out into stocks, bonds and the broader economy.

This year’s rally is a sign of how much has changed in a few years. Global growth has picked up, while U.S. unemployment has fallen. A gambit by the world’s largest oil producers to cut production has been succeeding in eliminating a massive glut, with help from soaring demand. [more]

https://www.wsj.com/articles/oil-is-fast-approaching-70-is-the-economy-ready-for-it-1524394800
 
[h=1]Is U.S. economy prepared for oil prices at $70 a barrel? [/h]
Published: Apr 22, 2018 4:35 p.m. ET


Oil prices are headed toward $70 a barrel, a weight on the U.S. economy that is bearable for now but could pose trouble if prices keep climbing.
The last time U.S. oil prices were at $70, in 2014, they were in the middle of a steep collapse. Many investors believed then that prices would soon stabilize, or even recover. Instead, they continued to plunge, eventually hitting a bottom in 2016 at $26. That tumble caused acute pain for oil producers, whose troubles rippled out into stocks, bonds and the broader economy.
Read: Global oil supply surplus may soon become a shortage
This year’s rally is a sign of how much has changed in a few years. Global growth has picked up, while U.S. unemployment has fallen. A gambit by the world’s largest oil producers to cut production has been succeeding in eliminating a massive glut, with help from soaring demand.
Oil prices have climbed more than 60% since last summer’s lows, and U.S. producers are exporting more crude than ever. For now, some investors say oil prices are lodged in a range that could benefit the U.S. economy by bolstering the recovering[more]

https://www.marketwatch.com/story/is-us-economy-prepared-for-oil-prices-at-70-a-barrel-2018-04-22
 
Explosion at Wisconsin oil refinery leaves at least 20 people injured


Superior, Wisconsin-- At least 20 people were reportedly injured at an oil refinery in Wisconsin on Thursday after a tank containing crude oil or asphalt suddenly exploded with a force that witnesses said rattled the air like a "sonic boom."
The explosion broke out at Husky Energy oil refinery in Superior, Wis., the Milwaukee Journal-Sentinel reported.
The Superior Police Department tweeted civilians should stay away from the area due to a "large incident." WDIO reported workers were being evacuated from the building. The fire was previously said to be out but the Superior Police Department said the blaze has reignited and have asked people to stay away from the area. So far residents have not been asked to evacuate the area.

Source:
Explosion at Wisconsin oil refinery leaves at least 20 people injured, report says | Fox News


(I bet that will be another excuse to bump the price of gas up. Go fill up today, quck! )
 
We NEED more oil refineries and now that we have more oil and gas moving around the country by pipe lines it's possible.
 
Shazam!!!!! So you think we have problems.:eek:

[h=1]Vancouver Gas Prices Nearing $8 A Gallon — The Highest In North America[/h]
Want to fill up in Vancouver, British Columbia? It’ll cost you — a lot.
Gas prices surged to $160.9 a liter Sunday morning — almost $8 a gallon in USD.
Former Liberal Member of Parliament Dan McTeague, who now heads the petroleum industry watchdog GasBuddy.com, told CBC News that Vancouver has the dubious honor of having the highest gas prices anywhere in North America, from Alaska to Mexico.
“These are the highest prices that we have ever seen here in Vancouver,” he said. “We’re into uncharted territory here and extremely expensive for pretty much everyone.”

Vancouver Gas Prices Nearing $8 A Gallon: Exp | The Daily Caller
 
You must log in or register to reply here.
Back
Top